FREYR Battery Announces Closing of $264,500,000 Public Offering of Ordinary Shares

Rhea-AI Summary

FREYR Battery (NYSE: FREY) has completed an underwritten public offering of 23 million ordinary shares, raising approximately $264.5 million at a price of $11.50 per share. The offering closed on December 5, 2022, following the full exercise of a green shoe option by underwriters. The net proceeds will primarily fund the construction of Giga Arctic facilities, development of Giga America, and general corporate purposes. Key underwriters included Credit Suisse, BofA Securities, and Morgan Stanley.

Positive

• Gross proceeds of approximately $264.5 million from the offering.
• Funds will be used for construction of Giga Arctic facilities and development of Giga America.

Negative

• Potential dilution of shares for existing shareholders due to the public offering.

NEW YORK & OSLO & LUXEMBOURG--(BUSINESS WIRE)-- FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean, next-generation battery cell production capacity, today announced the closing of an underwritten public offering of 23,000,000 of its Ordinary Shares without nominal value, including the green shoe option that was exercised in full by the underwriters on December 1, 2022, at a public offering price of $11.50 per share before underwriting discounts. The gross proceeds from the offering, including the green shoe option, were approximately $264,500,000. The offering closed on December 5, 2022.

FREYR intends to use the net proceeds from this offering for (i) the continued construction of Giga Arctic facilities, (ii) development expenditures for Giga America and (iii) general corporate purposes. General corporate purposes may include the financing of FREYR’s operations or investments.

Credit Suisse, BofA Securities and Morgan Stanley & Co. acted as book-running managers for the offering.

The offering was made only by means of a previously filed effective registration statement (including a base prospectus) and a preliminary prospectus supplement. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to the proposed offering, when available, may be obtained from Credit Suisse Securities (USA) LLC, Attn: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, North Carolina 27560, by telephone at (800) 221-1037 or by email at usa.prospectus@credit-suisse.com; BofA Securities, Inc., Attn: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, Dg.prospectus_requests@bofa.com; or Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014. Before you invest, you should read the prospectus in that registration statement and other documents FREYR has filed with the Securities and Exchange Commission for more complete information about FREYR and the proposed offering.

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About FREYR Battery

FREYR Battery aims to provide industrial scale clean battery solutions to reduce global emissions. Listed on the New York Stock Exchange, FREYR’s mission is to produce green battery cells to accelerate the decarbonization of energy and transportation systems globally. FREYR has commenced building the first of its planned factories in Mo i Rana, Norway and announced potential development of industrial scale battery cell production in Vaasa, Finland, and the United States. FREYR intends to install 50 GWh of battery cell capacity by 2025 and 100 GWh annual capacity by 2028 and 200 GWh of annual capacity by 2030.

Cautionary Statement Concerning Forward-Looking Statements

All statements, other than statements of present or historical fact included in this press release, including, without limitation, statements regarding FREYR’s use of proceeds from the offering are forward-looking and involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results.

Most of these factors are outside FREYR’s control and difficult to predict. Information about factors that could materially affect FREYR is set forth under the “Risk Factors” section in FREYR’s Registration Statement on Form S-3 filed with the Securities and Exchange Commission (the "SEC") on September 1, 2022, and in other SEC filings available on the SEC’s website at www.sec.gov.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221205005777/en/

Investor contact:

Jeffrey Spittel

Vice President, Investor Relations

jeffrey.spittel@freyrbattery.com

Tel: (+1) 281-222-0161

Media contact:

Katrin Berntsen

Vice President, Communication and Public Affairs

katrin.berntsen@freyrbattery.com

Tel: (+47) 920 54 570

Source: FREYR Battery

FAQ

What was the public offering price for FREYR Battery's shares?

The public offering price for FREYR Battery's shares was $11.50 each.

How many shares were offered in FREYR's recent public offering?

FREYR offered 23 million ordinary shares in its recent public offering.

What are the intended uses of proceeds from FREYR Battery's public offering?

The proceeds will be used for Giga Arctic construction, Giga America development, and general corporate purposes.

When did FREYR Battery's public offering close?

FREYR Battery's public offering closed on December 5, 2022.

Who were the underwriters for FREYR Battery's public offering?

The underwriters for FREYR Battery's public offering included Credit Suisse, BofA Securities, and Morgan Stanley.